From where I sit, CT still has a bad vibe.
Bitwise’s sentiment index for crypto assets is echoing our feelings.
Everyone’s left wondering — unless you’re David — where altcoin season is and if it’s even possible at this point. You’re about to get a rather optimistic shock if you did not read yesterday’s Empire.
Could this be a sign we are still in the early stages of the cycle? We can say that altcoin season traditionally comes towards the end of bull markets, but this is a different time.
Bybit is a potential differentiator because of the entry of institutional capital. They’ve altered the traditional flow. Matt Hougan of Bitwise said, “The institutional sentiment towards crypto is positive.” “the most bullish I’ve ever seen.”
But what about institutional investors? Even if the regulatory climate was more friendly, they wouldn’t swap their bitcoins out for altcoins. This could be one of the reasons why we are seeing some negative energy.
Analysts note that Bybit is not yet ready to give up. “robust stablecoin supply growth and record exchange volumes point to ongoing retail engagement, suggesting that while the script may have changed, an altseason-like frenzy could yet materialize if the right confluence of events aligns.”
Robinhood’s last-night earnings could indicate this. In its last quarter, revenue generated from cryptocurrency trading grew 700%.
This data was from the previous quarter, before the selloff in the stock market. However, I do not think it makes much of a difference.
Retail has returned to its roots.
The data I collect is what makes me more likely to take my own decisions.
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